These are the most affordable entry-level banks accounts available to South African clients.
Many bank accounts in South Africa carry hefty monthly maintenance fees and require clients to earn a certain amount to qualify for them. However, several low-cost bank accounts are also available.
The accounts offered by TymeBank and Bank Zero are generally the cheapest available to South African clients. Payments, debit orders, and prepaid electricity and airtime recharges are free of charge. Discovery Bank’s Gold pay-as-you-transact has the highest monthly account fee of the accounts compared at R25 per month.
However, Absa’s Transact account is the most expensive for ATM deposits, charging R2.50 per R100 deposited. Digital banks TymeBank and Bank Zero don’t charge customers for external debit orders, while Discovery Bank charges R3.75 for external debit orders through its Gold PAYT account.
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